How young adults who have a small windfall can put it in their retirement

Suppose $ 20,000 comes unexpectedly and the only requirement is to put it in retirement. Great, you say. But how do I do that?

If you are a teenager or a young adult, choosing the best place to place retirement money – even before deciding exactly how to invest – depends in part on whether you have a job.

If you do not have access to a 401 (k) plan through work, there are other retirement savings options that allow you to reduce your tax bill now or during your years of retirement. 39; gold.

For example, even if you work only part-time, you can pay up to $ 6,000 in 2019 – or increase the amount you earned if there is less than that – in an individual retirement account.

"I would open a Roth IRA and I would have it at best if you met the requirements," said Sophia Bera, Certified Financial Planner, founder of Gen Y Planning in Austin, Texas.

Although contributions to Roth IRA are not tax deductible, they are tax-exempt and withdrawals are completely tax-free once you are 59 and a half years old. Be aware that while you can usually withdraw any amount you contribute, withdrawing any income before that age can result in a tax penalty unless you encounter an exception.

A traditional IRA is also an option. You can get tax relief for contributions (within certain income limits), but you will have to pay income tax on that amount when you make withdrawals.

Ordinary IRAs also have mandatory minimum distributions – annual amounts you must purchase to avoid penalties – when you turn 70. Roth IRAs not.

For the rest of the $ 20,000 allocated to retirement, you can put it into a high-yield savings account and use that money to make additional Roth contributions in the coming years, Bera said.

Or, you can open a brokerage account. Any income from an investment held for more than one year would be taxed at long-term capital gains tax rates, which are generally lower than the rates applied to ordinary income.

In the meantime, if you work full time, your options for investing that $ 20,000 unexpected gain could be expanded.

If you have a 401 (k) job, you can use some of your unexpected earnings of $ 20,000 to consolidate it. In 2019, the maximum you can place in a 401 (k) is $ 19,000. Contributions are made before taxes, which reduces your taxable income.

"Many people are not about to exceed their 401 (k)," said Bera. "Increasing these 401 (k) funds is important, and it will also reduce your tax payable for the year."

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You must at least put enough in your 401 (k) to get the matching contribution from your business, if any.

"If you do not get the end result, it's free money that you leave on the table," said Rianka Dorsainvil, founder and president of Your Greatest Contribution to Lanham, in the Mbadachusetts.

If you still have money from this $ 20,000 reserved amount after your 401 (k) contribution, a Roth IRA is an option for the rest, as long as your income is in the limit (137,000 $ for single filers and $ 203,000 for married couples filing jointly).

Or, if you have a high deductible health care plan, you can place up to $ 3,500 on a health savings account this year ($ 7,000 for families).

HSAs offer a triple tax advantage: a contribution deduction, tax-free growth and tax-free withdrawals as long as the money is used to pay eligible medical expenses. And once you reach the age of 65, HSA withdrawals can be used as you wish.

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